Today, women are actively breaking barriers, overcoming obstacles, and advancing towards equality across all fields. However, there remains a significant gap in financial prospects for African American women in Minneapolis, who consistently face income disparities compared to other groups. In a world where women encounter challenges in wealth accumulation and achieving financial independence, Black women face the most by far.
That's what inspired us at Phyllis Wheatley Community Center to create a program that empowers Black women with financial education, counseling, and personalized wealth-building plans through the Women's Wealth & Equity Building Initiative, which has the potential to begin to break the cycle of poverty that our North Minneapolis community has remained mired in for decades and allow families to being to find self-sufficiency that allows them to thrive.
At this empowering workshop, women come together to learn, grow, and take control of their financial futures. For single mothers especially, securing the financial future of families is a priority — and a challenge.
In North Minneapolis, 88% of African American families are led by single women. These women, often young with limited education and resources, demonstrate remarkable resilience and determination by juggling work, family, and community responsibilities to pave a better path for the next generation.
However, these women consistently face a relentless challenge, frequently earning significantly less than what is necessary for a family to prosper, setting aside their aspirations due to limited time and resources, and selflessly dedicating themselves to their loved ones, with the aim of securing better opportunities for their children.
Why Women's Wealth Building Matters
When we talk about women's wealth building, we are not just talking about individual financial success. We are talking about wealth equity, homeownership, generational wealth, and most importantly, empowerment. Studies show that when women are financially empowered, entire communities benefit. By closing the wealth gap between genders and racial backgrounds, we create a more equitable society where everyone has the opportunity to thrive.
Empowerment Through Education
The key to the Women's Wealth Building Initative is education. Through a series of interactive sessions, expert speakers, and one-on-one counseling, participants gain valuable insights into financial planning, debt reduction, smart investments, and ways to build and protect their wealth. Knowledge is power, and at this workshop, women are equipped with the knowledge they need to take charge of their financial destinies, as well as those of their children.
Building a Better Future
The workshop emphasizes the significance of homeownership as a means to establish generational wealth. Research consistently underscores the pivotal role of homeownership in enabling the transfer of assets to future generations. In Minneapolis, the disparity in homeownership rates is stark, with less than 20% of Black families owning their residences compared to 77% of white families. This glaring gap underscores the ongoing cycle of poverty for African American families, which will persist until progress is made in narrowing this divide.
For many women, owning a home may seem like an unattainable dream, but with the right tools and resources, it can become a reality. By providing individualized plans for financial success and debt mitigation, credit repair, career and education options, home buying assistance programs, and tips for maintaining a healthy financial outlook, the Women's Wealth program finally begins to help pave the way toward brighter futures.
Empowering Single Mothers
Single mothers face unique challenges when it comes to financial stability. The Women's Wealth Building Workshop recognizes these challenges and offers specific guidance tailored to the needs of single mothers. From budgeting tips to long-term financial planning, the workshop provides a supportive environment where single mothers can learn, connect, and grow their financial knowledge.
Be Part of the Change
The time for women's financial empowerment is now. By participating in the Women's Wealth Building Workshop, you are not just investing in yourself; you are investing in a better future for all women.
This spring, Phyllis Wheatley Community Center was chosen as the recipient of the first major grant from Impact100 Twin Cities, a collective giving circle made up of dozens of Twin Cities-based women who wanted to find a way to give back to the community. Pooling their charitable assets, the group was able to make a big impact — and the Women's Wealth program rose to the top, receiving the group's inaugural $100,000 award!
Phyllis Wheatley is now bringing the program to scale and providing these essential financial and support services to dozens more women in our community and beyond. Our dream of sparking a genuine, sustainable shift in the trajectories of Black families is becoming a reality. We are helping women move away from decades of generational poverty, toward self-sufficiency, thriving financial futures, and long-awaited opportunities. Thanks to the incredible support from Impact100, alongside funding from Greater Twin Cities United Way Women United, the WCA Foundation, and other phenomenal supporters, we are removing barriers, fostering Black wealth, and crafting a city and a society that is fairer and more just. Together, we are paving the way for every woman to flourish and ensuring that every family receives the opportunities they truly deserve.
The Women's Wealth program is completely free and open to low- to moderate-income BIPOC women throughout Minneapolis. Additionally, as participants begin to save money, our partnership with Bremer Bank ensures that those who are reliant on fee-based online banking platforms can open savings accounts at the bank, leading to repaired bankability and relationship-building that can lead to future financial investments like small business or home loans. When savings reach $1,000, Phyllis Wheatley will provide a 2:1 match, creating a $3,000 nest egg within a year after starting in the program.
The value of the educational experience is best described by participants from our 2023 pilot cohort, who say that their lives have been changed thanks to the program —
Watch more testimonials on our YouTube channel.
So, are you ready to unleash your financial power? Join us at the next Women's Wealth Building Workshop this Saturday, or sign up for upcoming workshop sessions here. Together, we can take the first steps towards brighter, more secure futures. Your financial empowerment is not just about money; it's about owning your worth, your future, and your freedom! Through the program, you'll find a community of support, receive one-on-one financial counseling to address your individual barriers to building wealth, and benefit from ongoing group sessions that inspire you to continue to work toward real success and independence.
Workshop Details
Date: Saturday, June 29
Time: 9am - 5pm
Location: Phyllis Wheatley Community Center, 1301 N. 10th Avenue, Minneapolis, MN 55411
Registration: https://docs.google.com/forms/d/e/1FAIpQLSc8ds7Z-VzEG3cCauYlCeFnL9g7uULFU82xjX2OGzhtpfaFBQ/viewform?pli=1
Contact: WhitneyT@phylliswheatley.org; info@phylliswheatley.org
Don't miss this opportunity to be part of a transformational experience that will set you on the path towards financial empowerment and success. See you there!
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